India's Govt levies 50 pc export duty on molasses, extends lower import duties on edible oil till March 2025
Molasses
Published Jan 17, 2024
Tridge summary
The Indian government has imposed a 50% duty on exports of molasses starting from January 18th, according to a finance ministry notification. Additionally, the basic import duty on refined soyabean oil and sunflower oil has been reduced to 12.5% from 17.5% since June of last year. India primarily imports palm oil from Indonesia and Malaysia, as well as a small amount of crude soft oil from Argentina, while sunflower oil is imported from Ukraine and Russia.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
New Delhi, Jan 16 (PTI) The government has imposed 50 per cent duty on exports of molasses, a by-product of sugarcane used as raw material for alcohol production, with effect from January 18. A finance ministry notification said molasses resulting from the extraction or refining of sugar will attract 50 per cent export duty. The basic import duty on refined soyabean oil and sunflower oil was cut to 12.5 per cent from 17.5 per cent , in June last year. India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, ...
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